How can I automatically trade using my MetaTrader signals?
Very simple… Using our connector.
We will explain to you in great detail everything you need to know about our MetaTrader Connector! Let’s begin!
What is the Signal Connector?
The powerful tool acts as a bridge between the MetaTrader platform and MT2 robot.
It will send your MetaTrader indicator/template signals to the robot, which will automatically open the trades in your broker account.
The connector (file: MT2IQ_Connector.ex4 / ex5) can be found in the MT2 download files, inside «Indicators» folder.
How to load it on Metatrader?
Very simple! Just follow these 3 simple steps..
- Locate the connector file ‘MT2IQ_Connector.ex4 /ex5’ inside downloaded MT2 folder: ‘MT2 -> MetaTrader -> MQL4 -> Indicators’.
- Copy the connector file ‘MT2IQ_Connector.ex4 /ex5’.
- Paste the file in our MetaTrader platform. To do this go to: ‘File -> Open Data Folder -> MQL4 -> Indicators’.
How to open it on MetaTrader?
Once we have the connector file inside our MetaTrader folders, we will proceed to open it on a chart.
- Open a new chart and choose your desired temporality.
- Open the browser: Pressing CTRL + N.
- Drag your signals indicator/template to the chart (in case you don’t have an indicator, we include inside the MT2 download files the «BinaryProfit» indicator as a courtesy.»
- Drag the connector file «MT2IQ_Connector» to the chart.
Ready! It’s time to configure the connector according to your strategy
If you have done everything right, the connector configuration window will show up.
1. Signal Name
The signal name is used to distinguish signals from each other. This will be the shown name in MT2 trades table. The statistics and the transaction history are also based and ordered according to the signal names. It is optional to enter a signal name.
For example, if in the signal name we write «BinaryProfit», then this will be the shown name in the robot’s operations history.
2. Indicator File Name
Unlike the signal name, it is obligatory to enter the indicator name we will receive signals from.
Be sure to enter our indicator name correctly (uppercase and lowercase). The indicator must be located in the Indicators folder of MetaTrader’s data folder ( MQL4/Indicators ).
If the indicator is not inside this folder, it won’t work. The same happens with the spelling of the name, if it ‘s not equal, it won’t work and the following error will show up: «Indicator name not found»
In this case, we will enter «BinaryProfit», the indicator that comes courtesy with MT2.
3. Signal Buffers
Every MetaTrader indicator that generates signals in the form of arrows, points or other graphic signs, transmits the signal data in the so-called indicator buffers.
To get the connector to read the Buy («Up/Call») and Sell («Down/Put») signals, we need to link the connector to the correct signal buffer of our indicator. As each indicator has individual buffer numbers, we must check the numbers in the buffer before connecting our indicator.
To do this, follow the next steps:
- Drag indicator to the chart, right click and click on «List of indicators«.
- Select the indicator and click Edit.
- Click on the «Colors» tab.
In the «Colors» tab, we will see all the available signal buffers. Two of them are the buy («Call») and sell («Put») signals.
On the left column, there is a number (starting from 0) that corresponds to the indicator buffer.
To find out the correct buffer number for the Buy and Sell signals we should compare the signal colors in the chart with the colors defined in the buffers list.
Sometimes, both buy and sell signals have the same color. If this is your case, we recommend to change the colors manually in order to distinguish the signals from each other.
In the previous example (BinaryProfit indicator) there are 4 signal buffers: 2 are for point signals and 2 for arrow signals.
The point signals indicate the trade entry in the next bar and the arrow signs indicate the trade entry as intrabar (same bar). Depending on the entry type we want, we can link the connector to the points or arrows.
- To link the connector to the points (buffers 0-Up, 1-Down ) we will need to select the entry type «in the following bar».
- To link the connector to the arrows, select the entry type «intrabar».
4. Entry Type
As already described above, we can choose between two types of entries: In the new bar or intrabar.
In the new bar, the trade will be carried out at the end of the candle in which we received the signal (that is, at the opening of the new bar).
In the intrabar entry the trade must be opened immediately when the signal appears.
What kind of input should you use depending on the indicator?
Most reverse indicators generate signals to enter on the new bar, while trend indicators commonly generate signals for the intrabar entry.
5. Trade Amount
Set the amount of money invested on each trade.
In the example, we can see that the amount is «1.0» which means that each trade that the robot opens will be of $1 USD.
If I wanted to change the amount of each operation, I should just modify this parameter.
For example: For $5 USD, you should write «5.0». For $ 10 USD you should write «10.0», and so on…
6. Expiry Time
Set the temporality of your trades.
In the example, the expiration is set to «5». This means that every operation the robot opens will automatically close 5 minutes after.
If you would like major or minor temporalities, just modify this number.
By default the Martingale strategy is disabled.
To activate it open the menu where it says «No Martingale» and choose your preferred option.
If you would like to learn all about Martingale Strategy, click here
If you have connected your indicator correctly, you should see the connector tag at the bottom of the chart with the indicator name followed by the trade amount and the expiration time in parentheses.
To temporarily disable the connector, you can uncheck the box on the left of the connector label.
The color of the red text label indicates a connection error of the indicator. In this case, check if the indicator entry is not empty or if the indicator file name is entered correctly.